SUPRADUR ASSETS SOLD
RYE, N.Y.--July 27, 1995--Supradur
Companies, Inc. (Nasdaq: SUPD), today announced that the sale to GAF Premium
Products, Inc., pursuant to order of the United States Bankruptcy
Court, Southern District New York at White Plains, of substantially
all of its assets and the assets of its wholly owned subsidiaries,
Supradur Manufacturing Corporation and Appaloosa Express, Inc., was
concluded on July 20, 1995.
As a result of the sale, the company anticipates sufficient
proceeds for payment of approximately five percent of bona fide and
undisputed claims of its unsecured creditors and the unsecured
creditors of Supradur Manufacturing Corporation and Appaloosa
Express, Inc. Supradur does not anticipate that there will be any
funds to make a distribution to its shareholders.
Supradur Companies, Inc. is a publicly held company whose shares
are traded in the Over-the-Counter market under the Nasdaq symbol
SUPD.
/CONTACT: Alfred E. Netter, 914-967-8230 of Supradur/
BANKRUPTCY COURT SCHEDULES CONFIRMATION HEARINGS ON COLUMBIA
COMPANIES' PLANS OF REORGANIZATION TO BEGIN NOVEMBER 13
WILMINGTON, Del.--July 27, 1995--The Bankruptcy Court
for the District of Delaware today scheduled confirmation hearings
to begin November 13 for the amended Chapter 11 reorganization plans
filed by The Columbia Gas System, Inc. (NYSE: CG) and its principal
pipeline subsidiary, Columbia Gas
Transmission Corp.
In other action, the court established voting and solicitation
procedures for both plans and approved the amended disclosure
statement for the Parent Company's reorganization plan. Columbia
Transmission's disclosure statement was approved by the court on
July 18.
Ballots seeking ratification of the plans are expected to be
mailed to creditors of each company and to the Parent Company's
shareholders by early September.
Columbia System Chairman and CEO O. G. Richard III said the
company was extremely pleased with the confirmation schedule
established by the court, pointing out that it should enable the
companies to maintain their current timetable and emerge from
Chapter 11 prior to the end of this year.
The Columbia Gas System, Inc., one of the nation's largest
natural gas holding companies, and Columbia Transmission have been
operating as debtors-in-possession under Chapter 11 of the
Bankruptcy Code since July 31, 1991.
/CONTACT: W.R. McLaughlin, 302-429-5443, or H.W. Chaddock,
302-429-5261, or (financial), or T.L. Hughes, 302-429-5363, or K. P.
Murphy, 302-429-5471, all of Columbia Gas/
GORDON BROTHERS TO ASSIST MAY DEPARTMENT STORES AND J.C. PENNEY IN
THEIR OFFER FOR WOODWARD & LOTHROP AND WANAMAKER
BOSTON, Ma--July 27, 1995--Boston-based, Gordon Brothers
Partners today announced that it has signed an agreement with The
May Department Stores Company (NYSE: MA) and J.C. Penney Company
Inc. in support of the May/Penney joint bid filed with the United
States Bankruptcy Court of the Southern District of New York to
acquire assets owned by Woodward & Lothrop and
John Wanamaker.
If the May/Penney joint bid is approved by the Bankruptcy Court,
Gordon Brothers will advance to Woodward & Lothrop approximately
$110 million for the inventory on hand (plus an additional amount
for on order goods of as much as $40 million) in connection with the
liquidation of certain inventory.
/CONTACT: Elizabeth Wicks of Gordon Brothers Partners,
617-422-6299/
STATEMENT FROM WOODWARD & LOTHROP, INCORPORATED AND JOHN WANAMAKER,
PHILADELPHIA
WASHINGTON, DC--July 27, 1995--The management of HREF="chap11.woodies.html"> Woodward & Lothrop Incorporated and John Wanamaker,
Philadelphia today issued the following statement:
"We have received a bid today to purchase most of the companies'
assets from a bidding partnership comprised of The May Department
Stores Company and J.C. Penney Company, Inc. The bid appears to be
in compliance with the bidding procedures approved by the Court.
"Because we received the bid as a private document, we cannot
discuss the contents of the bid at this time. We will analyze the
bid carefully in advance of the Bankruptcy Court hearing on August
8. As we have said before, we intend to support the Court's
decision with respect to the best bid and fairest treatment of all
constituencies. We continue to be encouraged by the progress being
made in the Chapter 11 proceeding."
Woodward & Lothrop is a full-line department store company which
currently operates 15 Woodward & Lothrop department stores, 14, John
Wanamaker, Philadelphia department stores, four specialty home
furnishing stores, and three clearance centers. The stores are
located predominantly in the Washington D.C. and Philadelphia
metropolitan areas. The company has approximately 9,000 store,
headquarters and distribution center employees.
/CONTACT: Rivian Bell or Sandra Sternberg of Sitrick And Company,
Inc. 310-788-2850/
THE MAY DEPARTMENT STORES COMPANY AND JCPENNEY CO. INCREASE OFFER
FOR WOODWARD & LOTHROP AND WANAMAKER
Joint Bid is $58 Million More than Bid by
Federated/Strawbridge/Others
May/Penney Bid Provides for over 8,000 Jobs
ST. LOUIS, Mo., and PLANO, Texas--July 27, 1995--The May
Department Stores Company and J.C.Penney Company, Inc. (NYSE: JCP)
today announced that they have filed with the United States
Bankruptcy Court of the Southern District of New York a joint bid to
acquire assets of Woodward & Lothrop and John
Wanamaker. This joint bid produces $409 million of net distributable value to
creditors, which is $58 million more in net distributable value than the $351
million from the previously announced offer made by the Federated
group.
The May/Penney bid also offers more jobs to Woodward & Lothrop
and Wanamaker associates than under the Federated group's offer.
Approximately 7,000 Woodward & Lothrop and Wanamaker store
associates will be offered employment with Hecht's or Lord & Taylor
(3,900 people upon the closing of the transaction and the remainder
over the next 12 months).
The terms of the bid are as follows:
May will acquire three Woodward & Lothrop stores in Washington
and 13 Wanamaker stores in the Philadelphia area. JCPenney will
acquire seven Woodward & Lothrop stores in the Washington/Baltimore
area.
In the Washington area, Hecht's will operate the store at Chevy
Chase, and Lord & Taylor will operate the stores at Fair Oaks Mall
and Lake Forest Mall. In the Philadelphia area, Hecht's will
operate stores at Springfield Mall, Deptford, Jenkintown, Montgomery
Mall, Christiana Mall, Oxford Valley Mall, Berkshire Mall, Wynnewood Shopping
Center, King of Prussia Mall, Roosevelt Mall, Moorestown, and Lehigh
Valley Mall. May will also acquire the Woodward & Lothrop
distribution center in Baltimore and will acquire for resale the
Shirley warehouse/clearance center in Washington and the Harrisburg
East Mall store. In addition, May has the right to acquire the
Wanamaker store at Center City if suitable lease arrangements can be
negotiated with the owner of that building. May intends to continue
to work with the owner to reach a mutually satisfactory arrangement
by August 3, 1995.
If May does acquire the Center City location, there will be no
change to the amount of the May/Penney bid.
The seven Woodward & Lothrop stores that JCPenney will operate
in the Washington/Baltimore area are: The Mall in Columbia, Landmark
Shopping Center, Landover Mall, Montgomery Mall, Tysons Corner
Center, Prince Georges Plaza and Wheaton Plaza. When those stores
which will be closed for remodeling are reopened, JCPenney will add
more than 1,000 associates in the Washington/Baltimore market. In
addition, JCPenney will arrange for the White Marsh store to be
conveyed by Woodward & Lothrop to a third party.
All 3,300 Wanamaker store executives and sales associates,
including those in the Harrisburg East Mall store, the Center City
location (even if it is not acquired by May) and the Concord
furniture store (which is not being acquired), will be offered
employment and will be given credit in employee benefit plans for
their years of service with Wanamaker.
Over 600 Woodward & Lothrop store executives and sales and
warehouse associates will be hired by Hecht's or Lord & Taylor
immediately without interruption in employment. The remaining
Woodward & Lothrop store associates will be offered employment at
Hecht's and Lord & Taylor stores as openings become available in
Hecht's and Lord & Taylor stores in the greater Washington, D.C.
trade area; it is expected that sufficient job openings will be
available to enable all of those who apply to be employed within one
year. All former Woodward & Lothrop employees hired by Hecht's and
Lord & Taylor by October 1, 1996, will receive credit in employee
benefits plans for their years of service with Woodward & Lothrop.
Subject to the May/Penney bid being declared the winning bid by
the Bankruptcy Court, May agreed to enter into a collective
bargaining agreement with Local 400 of the United Food and
Commercial Workers
Union, which represents 2,800 Woodward & Lothrop employees. The
agreement will initially cover the employees at the Chevy Chase
store and the Baltimore distribution center. The agreement, which
must be voted on by the Woodward & Lothrop union membership, may
also extend to include nine additional Hecht's stores, if Local 400
obtains a majority status in the total bargaining unit. Those
locations are: Prince Georges Plaza, Marlow Heights, Landover Mall,
Laurel Center Mall, St. Charles Towne Center, Wheaton Plaza, Lake
Forest Mall, Montgomery Mall, and Metro Center. In addition, May
has agreed to contribute $250,000 to a supplemental income fund that
will be administered by Local 400 to assist Woodward & Lothrop
employees who do not have immediate employment.
The May/Penney bid is subject to Bankruptcy Court approval and
other requirements. Bankruptcy Court hearings to review all bids
and potential overbids are scheduled on August 8 and 9, 1995,
according to the terms of an existing Bankruptcy Court order.
The May Department Stores Company, with sales of $11.9 billion
in 1994, is one of the largest retailers in the country, operating
315 department stores and 4,583 shoe stores. Its department store
divisions and their headquarters are Lord & Taylor, New York;
Foley's, Houston; Robinsons-May, Los Angeles; Hecht's, Washington,
D.C.; Kaufmann's, Pittsburgh; Filene's, Boston; Famous-Barr, St.
Louis; and Meier & Frank, Portland, Ore. Its shoe store division is
Payless ShoeSource, which is headquartered in Topeka.
Lord & Taylor, with sales of $1.5 billion in 1994, operates 54
stores in 15 states and the District of Columbia. Hecht's, with
sales of $1.4 billion in 1994, operates 45 stores in Virginia,
Maryland, North Carolina and Washington, D.C.
Hecht's is the leading retailer in the Washington metropolitan
area, operating 14 stores there. This fall, Hecht's is opening its
first three stores in Pennsylvania, to be located in Harrisburg,
Camp Hill and York. Lord & Taylor is opening a store at King of
Prussia Mall, Pa., this fall, joining its store at Bala Cynwyd in
Philadelphia, and its four stores in the metropolitan Washington
area.
JCPenney, with its Home Office in Plano, Texas, is one of the
nation's largest retailers of general merchandise. The company
primarily provides merchandise and services through department
stores which include catalog departments. Serving middle and
middle/upper income consumers, the company markets predominantly
family apparel, shoes, jewelry, accessories, and home furnishings.
Founded by James Cash Penney in 1902 in Kemmerer, Wyo., JCPenney
operates 1,235 stores in all 50 of the United States and Puerto
Rico, with retail sales of more than $20 billion last year.
JCPenney operates 14 department stores in the greater
Washington/ Baltimore market: 10 of which are in Maryland and four
in Virginia.
Woodward & Lothrop is a full-line department store company which
currently operates 15 Woodward & Lothrop department stores and 14
John Wanamaker department stores. The stores are located
predominantly in the Washington, D.C. and Philadelphia metropolitan
areas. Woodward and Lothrop filed for Chapter 11 bankruptcy
protection in January 1994.
/CONTACT: Jim Abrams of The May Department Stores Company,
314-342-6343; or Hank Rusman of JCPenney, 214-431-1316/
The Sports Authority Inc. purchases assets of Sportstown Inc.
FORT LAUDERDALE, Fla.--July 28, 1995--The
Sports Authority Inc. (NYSE:TSA) Friday announced it had received
acceptance from U.S. Bankruptcy Court on its bid to assume seven
leases from Sportstown Inc.
(NASDAQ:SPTNQ).
This transaction will result in The Sports Authority acquiring
four locations in Atlanta as well as one location each in
Greensboro, N.C., Charleston, S.C. and Greenville, S.C.
The company has entered into a joint venture with Nassi
Bernstein Co. Inc. and Alco Capital Group Inc. to liquidate the
inventory and fixtures for these seven locations plus an additional
three stores, one located in Atlanta and two in Richmond, Va. The
company disclosed that it paid $9.5 million for the right to assume
the leases.
Nassi Bernstein and Alco will pay $400,000 for the fixtures and
approximately $14 million for the inventory, subject to a physical
inventory. It is expected that the inventory liquidation will begin
today and last approximately 60 to 75 days. This should provide
sufficient time for the seven stores to be completely retrofitted as
The Sports Authority stores and opened in time for the 1995 holiday
season.
"This acquisition now gives us a total of 11 locations in
Atlanta, enhancing our position as the leader in this major growth
market. It is consistent with our strategy to focus on increasing
market share and leveraging our advertising and management costs.
The timing of the acquisition is especially significant because it
will allow us to open the locations before the holiday season, as
well as gear up for the 1996 Summer Olympics Games taking place in
Atlanta.
"We will continue to pursue additional sites in the Atlanta
market, with one site identified for an expected opening in 1996
prior to the commencement of the Olympic Games," stated Jack Smith,
chairman, chief executive officer, and president, "We also believe
that the three Carolina locations provide us with the opportunity to
enter into markets that have excellent potential while continuing
our expansion throughout the southeast."
The Sports Authority operates 110 megastores in 22 states across
the United States. The company has opened stores in Fort Myers,
Fla., Kissimmee, Fla. and Danbury, Conn. in 1995.
CONTACT: The Sports Authority Inc., Fort Lauderdale
Jack A. Smith, Chairman, President &
Chief Executive Officer, 305/730-4300
or
Alexander L. Stanton, Investor Relations/
Treasury Manager, 305/677-6003
or
Richard J. Lynch Jr., Sr. VP & Chief
Financial Officer, 305/730-4263
LTV ANNOUNCES 67 PERCENT EARNINGS GROWTH ON $64.6 MILLION OF INCOME
FROM CONTINUING OPERATIONS FOR THE SECOND QUARTER
CLEVELAND, Oh--July 28, 1995--The LTV
Corporation (NYSE: LTV) announced income from continuing steel operations of $64.6
million ($0.59 per share) for the second quarter of 1995, an
improvement of $25.9 million ($0.18 per share) over the income from
continuing operations of $38.7 million ($0.41 per share) for the
second quarter of 1994. Net income of $55.6 million ($0.51 per
share) for the second quarter of 1995 included a net loss of $9.0
million ($0.08 per share) resulting from the expected sale of LTV's
energy products business, Continental Emsco Company, which is
accounted for as a discontinued operation.
LTV's Chairman and Chief Executive Officer, David H. Hoag, said:
"We are pleased with the Steel Group's performance in the second
quarter, which represents pre-tax income of $52 per ton. This
compares with $32 per ton in the same quarter last year, and is up
by $10 per ton from the first quarter of 1995. LTV's cash flow
provided by operating activities also continues to be favorable,
totaling $367 million in the first half of 1995 or $92 per ton."
LTV's income from continuing operations for the six-month period
ended June 30, 1995 was $115.5 million ($1.07 per share), an
improvement of $60.7 million ($0.49 per share) over the year-ago
period. Net income for the six-month period ending June 30, 1995
was $106.8 million ($0.99 per share), an improvement of $54.0
million ($0.43 per share) over the net income of $52.8 million
($0.56 per share) for the six-month period ending June 30, 1994.
Sales in the second quarter of 1995 increased to $1.11 billion,
a 5% improvement over the 1994 quarter. Shipments totaled 2.01
million tons in the second quarter of 1995, up by 2% from the second
quarter of 1994. Sales totaled $2.20 billion for the first six
months of 1995, an increase of 7% from the year-ago period.
Shipments totaled 3.98 million tons, up by 2% from the previous
year's six-month period. The increases in sales and shipments in
1995 reflect higher selling prices and increased customer demand.
Income before income taxes and discontinued operations totaled
$105.2 million for the 1995 second quarter, an increase of $42.3
million over the same period of 1994. Income before income taxes
and discontinued operations for the first six months of 1995 was
$187.3 million, an improvement of $106.0 million from the first six
months of 1994. These improvements were primarily due to higher
average selling prices, increased shipments and improved marketing
strategies. The 1995 results were also favorably impacted by
productivity and operating performance improvements, including those
achieved through the Cleveland Works' Direct Hot Charge Complex
which became fully operational in the second quarter of 1994.
However, these benefits were partially offset by additional costs
related to the June 1994 labor agreement.
During the 1995 second quarter, the Company incurred costs of
approximately $8 million related to the blast furnace repair outage
at the Indiana Harbor Works and recognized a $6 million gain from
the sale of warrants which the Company received when it sold its Bar
Division in 1989.
Steel facilities operated at 98% of capacity during the second
quarter of 1995 compared with 102% during the second quarter of
1994, and raw steel production of 2.02 million tons decreased by
81,000 tons compared with the same quarter of 1994. This reduced
production level was due to the four-week production interruption
for the blast furnace repair outage at the Indiana Harbor Works.
During the second half of 1995, LTV will complete two previously
planned blast furnace repair outages at the Cleveland Works, which
should each take less than 30 days to complete. The first planned
outage began on July 21, and the second planned outage is expected
to begin in October. The remainder of LTV's raw steel facilities
are expected to operate at capacity during 1995.
Steel facilities operated at 103% of capacity during the first
six months of 1995. Raw steel production increased by 92,000 to
4.22 million tons in the 1995 period, compared with 1994.
Production and costs in the 1994 first quarter were negatively
impacted by the extremely cold weather conditions at the operating
units.
Financial Position and Liquidity
Cash and marketable securities totaled $765 million at June 30,
1995. Also, at June 30, 1995, approximately $290 million was
available for borrowings under the Company's credit facility.
During the first six months of 1995, cash provided by operating
activities totaled $367 million. Major uses of cash during the
first six months of 1995 included contributions to the Company's
pension plans and capital expenditures.
"The Company's pension plan contributions in the first half of
1995 totaled $191 million. The 1995 contributions further
deleverage our capital structure, reduce annual pension expense and
provide for future funding flexibility," said Mr. Hoag.
The Company is required to record income tax expense at
statutory rates. However, it is able to use its significant income
tax loss carryforwards to reduce its actual income tax payments.
For the six months ended June 30, 1995, LTV reported income tax
expense of $71.8 million, of which $70.7 million will not result in
cash payments.
Steel Market Outlook
Mr. Hoag stated: "While underlying steel demand continues to be
relatively strong, a combination of customer inventory corrections
and increased supply from foreign and domestic sources has resulted
in somewhat softer steel market conditions. The effect of this
softness is being moderated by increases in hot rolled steel exports
by U.S. steel producers, including LTV. The Company's order booking
rates remain at similar levels to the prior two years, but the third
quarter product mix will reflect higher than normal low margin hot
rolled shipments for the export market."
Mr. Hoag went on to say: "For domestic steel markets to improve
during the second half of 1995, a combination of reduced imports, a
reduction in customer inventories to more appropriate levels and a
continuation of current steel consumption is required."
Discontinued Operations
On July 17, 1995, LTV announced that it entered into an
agreement to sell its energy products segment, Continental Emsco
Company. Closing of the sale is expected to take place in August
1995. Mr. Hoag stated: "The sale of the energy products business
will further enable LTV to concentrate on its profitable steel
operations. Our shareholders will benefit from the transaction as a
portion of the proceeds will be used to further reduce our long-term
obligations." Continental Emsco is reflected as a discontinued
operation in LTV's financial statements for all periods presented.
Other Matters
The Company is continuing a comprehensive review relating to the
redesign of its business processes to strengthen customer focus and
improve productivity. As part of such effort, LTV recently reached
a long-term agreement with a large technology consulting
organization to manage LTV's information systems and data processing
functions, effective mid-September 1995. This long-term agreement
is expected to increase LTV's overall competitiveness by enabling
the Company to concentrate more of its resources on the core
business, while reducing ongoing costs. One-time transitional costs
related to the agreement could approximate $6 million in the third
quarter of 1995; however, this amount will be principally offset by
a gain related to unclaimed bankruptcy distributions which is also
expected to be recognized in the third quarter of 1995. LTV expects
that this multi-faceted business processes review will identify
other current processes which can be improved to enhance customer
service, and that the resulting process redesigns will lead to a
reduction in the number of employees and a reduction of future
ongoing expense levels. Currently, LTV is unable to determine the
amount and timing of potential future cost savings or other charges
related to the effects of these various efforts.
The LTV Corporation
CONSOLIDATED STATEMENT OF INCOME
(dollars in millions, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Sales $ 1,113.2 $ 1,056.1 $ 2,198.1 $ 2,051.2
Costs and expenses:
Cost of products sold 919.5 897.1 1,832.3 1,779.6
Depreciation and
amortization 62.1 62.9 126.8 124.2
Selling, general and
administrative 35.6 34.9 69.2 67.5
Net interest income (9.2) (1.7) (17.5) (1.4)
Total 1,008.0 993.2 2,010.8 1,969.9
Income before income
taxes and
discontinued
operations 105.2 62.9 187.3 81.3
Income tax provision:
Taxes payable
(refundable) 0.9 1.5 1.1 (2.8)
Taxes not payable
in cash 39.7 22.7 70.7 29.3
Total 40.6 24.2 71.8 26.5
Income from continuing
operations 64.6 38.7 115.5 54.8
Net loss from discontinued
operations (9.0) (1.2) (8.7) (2.0)
Net income $ 55.6 $ 37.5 $ 106.8 $ 52.8
Earnings (loss) per share:
Primary:
Continuing
operations $ 0.59 $ 0.41 $ 1.07 $ 0.58
Discontinued
operations (0.08) (0.01) (0.08) (0.02)
Net income $ 0.51 $ 0.40 $ 0.99 $ 0.56
Fully diluted:
Continuing
operations $ 0.58 $ 0.40 $ 1.04 $ 0.58
Discontinued
operations (0.08) (0.01) (0.08) (0.02)
Net income $ 0.50 $ 0.39 $ 0.96 $ 0.56
Average number of
common shares used in
per share
calculation
(thousands):
Primary 108,245 94,544 108,242 94,582
Fully diluted 113,375 99,673 113,373 99,711
Raw steel production
(millions of tons) 2.023 2.104 4.222 4.130
Steel plant operating rate 98% 102% 103% 100%
Steel shipments
(millions of tons) 2.013 1.978 3.978 3.912
Active employees --- --- 15,300 15,900
The LTV Corporation
CONDENSED CONSOLIDATED BALANCE SHEET
(in millions)
June 30, December 31,
1995 1994
ASSETS
Current assets
Cash and cash equivalents $ 285.0 $ 335.4
Marketable securities 480.4 357.5
Total 765.4 692.9
Receivables 414.3 464.5
Inventories 804.6 751.6
Other 89.5 118.5
Total 2,073.8 2,027.5
Investments and other noncurrent assets 293.4 308.6
Property, plant and equipment 3,145.3 3,189.0
Total $5,512.5 $5,525.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 255.1 $ 267.2
Other current liabilities 622.7 569.9
Total 877.8 837.1
Noncurrent liabilities
Long-term debt 186.7 183.1
Postemployment health care
and other insurance benefits 1,648.0 1,633.4
Pension benefits 951.8 1,138.7
Other 419.1 450.0
Shareholders' equity 1,429.1 1,282.8
Total $5,512.5 $5,525.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
Six Months Ended
June 30,
1995 1994
Operating activities
Income from continuing operations $ 115.5 $ 54.8
Adjustments to reconcile income from
continuing operations to net cash
provided by operating activities:
Proceeds from antitrust litigation --- 171.0
Depreciation and amortization 126.8 124.2
Income tax provision not payable
in cash 70.7 29.3
Defined benefit pension expense 58.1 58.0
Postemployment benefit payments
less than expense 14.6 2.9
Other changes in assets
and liabilities (18.6) (10.4)
Net cash provided by
operating activities 367.1 429.8
Investing activities
Property additions (84.1) (77.5)
Net purchases of marketable securities (122.9) (353.4)
Other (17.6) 0.4
Net cash used in investing activities (224.6) (430.5)
Financing activities
Pension funding to restored plans (191.0) (221.6)
Other (1.9) (2.0)
Net cash used in financing activities (192.9) (223.6)
Net decrease in cash and cash equivalents $ (50.4) $(224.3)
Net increase in cash, cash equivalents
and marketable securities $ 72.5 $ 129.1
/CONTACT: Mark R. Tomasch (media), 216-622-4635, or Eric W. Evans
(analysts), 216-622-5680, both of LTV/